"It's not just higher interest rates that are good for banks," he said. "It's a steepening of the curve that is generally good for interest rates because – obviously, '94, just to return off the top of my head here, that was a terrible time to be in banks, obviously, though interest rates were moving higher. What you want to see is a continuation of the yield curve steepening, which all else equal, is probably good for the banks."

On CNBC's "Fast Money," Greenhaus named two stocks that were poised to benefit.

"In particular, we think CNO Financial and The Bancorp, TBBK, are two areas that investors might want to look at with respect to being positively impacted by higher rates," he said.

Greenhaus reiterated his February call that the run in home builders had run its course.

"I don't think that the rise in interest rates is going to kill the housing recovery necessarily, but neither do I think that all else equal, I'd rather have a 5 percent mortgage rate than a 3 percent mortgage rate," he added.

Ahead of earnings season and the September meeting of the Federal Open Market Committee, Greenhaus backed a cautious stance.

"And interestingly, I don't think people realize this, during the '94 bond massacre, which had the stock market down for the year, tech was the best performing sector," he said. "It was up something like 16 percent for the year, which obviously had you been exposed there, you were quite happy with what was a pretty terrible time to invest."

Trader disclosure: On July 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Enis Taner is long GS; Enis Taner is long ZNGA; Enis Taner is long SPY PUTS; Enis Taner is long FXE PUTS; Enis Taner is long WMT; Enis Taner is long CMI PUT SPREAD; Enis Taner is long UUP; Enis Taner is long MCD PUT SPREAD; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long EBAY; Stephanie Link is long FB; Stephanie Link is long DXJ; Stephanie Link is long LINE; Stephanie Link is long KEY; Stephanie Link is long HIG; Stephanie Link is long F; Stephanie Link is long AIG; Stephanie Link is long OXY; Stephanie Link is long COP; Stephanie Link is long FESV; Josh Brown is long AAPL; Josh Brown is long F; Josh Brown is long DXJ; Josh Brown is long XLU; Josh Brown is long GLD; Steve Grasso is funds long AAPL; Steve Grasso is funds long F; Steve Grasso is funds long QCOM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S.